I would appreciate feedback if people want to take a look:Pro Forma Template - Small ApartmentsHopefully this will be helpful for people wanting to create their own, customized model.

You could write a book about this last line. 5) try to find strong local commercial mortgage brokers and form a relationship with them as well6) that wasn't a question but I'll give my .02 anyways: if your looking for A class or B+ it might make sense.

... or, your Las Vegas friend could form a Nevada LLC, put the condo into it - with its financing intact, and sell his interest in the LLC to you.No closing costs when the LLC (and thus the property) is sold, no change to the mortgage deal, member(s) of the LLC are shielded from this property's landlord liability - which may be particularly important once this is a rental, and the profits/loss are passed through to the LLC member(s) as this entity is disregarded for tax purposes.  

I've averaged $11,500, too many variables w/ material and labor to feel comfortable giving you a rule of thumb for your pro forma however.

Below is the pro-forma to take a look.

What you want is a contract that covers all basis of a transaction.Many title companies have a standard form, as do most realtor associations, but even those are always reviewed by attorneys in the end during the standard Attorney Review period.Maybe it might be wise to start simply birddogging properties and work your way up to a place where you can be comfortable not only with a contract, but putting your name on that contract.

Sellers are definitely reaching these days. 4.5%  pro-forma for Concord? 

I found a great four plex, in a location that is close to schools, colleges, and a hospital ( walking distance) I did the numbers and found it would cash flow, according to the rent that was displayed on the pro-forma..something I would want to insect ( anything specific to look for when inspecting rent rolls?)

If I didn’t form a holding company, how would I have captured these general expenses?

Would I need to form a foreign LLC instead?